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FG Launch’s $50m Modular Refinery In Akwa Ibom

Posted: 12 December, 2016 at 07:39 am
FG Launch’s $50m Modular Refinery In Akwa Ibom
FG Launch’s $50m Modular Refinery In Akwa Ibom Photo 1

Mr. Ibe Kachikwu, the Minister of state for Petroleum has inducted the Akwa Ibom State , Ikwe-Onna Modular Refinery.

The Minister Praised the advocate of $50 million refinery, saying that the Federal Government was ready and happy to assists any private sector project.

While Dr. Ogbonnaya Onu, the Minister for Technology and Governor Udom Emmanuel witness the launching of the refinery.

The State Governor was very happy, while praised the management of the refinery for supporting his vision in industrialize Akwa Ibom.

In the statement issued by Mr. Gabriel Upkeh, the Chairman of Foreign Direct Investment Committee when representing the Governor.

Ukpeh said: “Government's role is to provide social services and a conducive environment for industries to thrive. When the refinery is completed, it will provide employment and open up the area for other economic benefits.”

Mr. Ukpeh used the opportunity to advices the state youths in to cooperate with the contractors in handling the project.

He added “We have endeavoured to keep our campaign promises by executing some laudable projects in infrastructure, agriculture and other areas,”

Mr. Ini Nya, An Official of the Technology Incubation Centre, also advices any state government who is interested in refinery business to follow the process of the Federal Government.

Bassey Rex, the Chairman of the company stated that “The refinery would support the state's government efforts to develop the state.”

But Mr.Daminago Ogali, the Managing director of the refinery company said that: “The refinery is 100 per cent owned by the Niger Delta and would serve as a Federal Government's model for the entire area.”

He also explained that : “It is starting with a capacity of 5,000 barrels per day (BPD) and would be increased to 20, 000 barrels in its midterm until its target of 100,000 bpd is achieved.

“The model is different because we have brought in the community as co-partners who would be given 10 per cent of the company's profit.”

The Manager make it known that concerning the issue of militancy, the local community was part owner and it enable them work as a family.

Ogali said: “We also intend to train the local boys because a local content developed company would be set up to produce about 80 percent of the materials needed for the operations,”

However, the tank farms and pipelines in the state are part of the things that would be produced locally while 30% of materials needed would be supply from other state in the country. Ogali explained.

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